'Any modification suggested by creditors need consent of the debtor in respect of Repayment plan in case of individual or firm solvency.' Comment briefly on the statement narrating the provisions in respect of conducting

Section 108 of the Insolvency & Bankruptcy Code lays down provisions for conduct of meeting of creditors as follows- The meeting of the creditors shall be conducted in accordance with the provisions of this section and sections 109,110 and 111. In the meeting of the creditors, the creditors may decide to approve, modify or reject the repayment plan. The resolution professional shall ensure that if modifications are suggested by the creditors, consent of the debtor shall be obtained for each modification. The resolution professional may for a sufficient cause adjourn the meeting of the creditors for a period of not more than seven days at a time. Pursuant to provisions of section 108(3) , the statement that modifications suggested by creditors need consent of the debtor, holds true. Section 110 of the Code stipulates the rights of secured creditors in relation to repayment plan as follows - Secured creditors shall be entitled to participate and vote in the meetings of the creditors. A secured creditor participating in the meetings of the creditors and voting in relation to the repayment plan shall forfeit his right to enforce the security during the period of the repayment plan in accordance with the terms of the repayment plan. Where a secured creditor does not forfeit his right to enforce security, he shall submit an affidavit to the resolution professional at the meeting of the creditors stating (a) that the right to vote exercised by the secured creditor is only in respect of the unsecured part of the debt; and (b) the estimated value of the unsecured part of the debt. In case a secured creditor participates in the voting on the repayment plan by submitting an affidavit under sub-section (3), the secured and unsecured parts of the debt shall be treated as separate debts. The concurrence of the secured creditor shall be obtained if he does not participate in the voting on repayment plan but provision of the repayment plan affects his right to enforce security. Explanation. - For the purposes of this section, "period of the repayment plan" means the period from the date of the order passed under section 114 till the date on which the notice is given by the resolution professional under section 117 or report submitted by the resolution professional under section 118, as the case may be.